UAE and Switzerland to strengthen financial, economic co-operation

The UAE, represented by the Ministry of Finance (MoF), has held the fifth financial dialogue with the Swiss Confederation in the Switzerland capital, Bern.

Both parties discussed bolstering strategic relations and bilateral cooperation in various development, economic and financial fields of common interest.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, headed the UAE delegation.

During his speech, Haji Al Khoori thanked Daniela Stoffel Delperte, State Secretary for International Finance at the Swiss Federal Department of Finance, for hosting the fifth financial dialogue that brings together the UAE and the Swiss Confederation, highlighting the importance of this dialogue which showcases the strength of the UAE-Switzerland partnership.

He also noted that the dialogue offers opportunities for collaboration between both countries to achieve further growth and prosperity.

Al Khoori mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022, where economic instability remained elevated, with persistent concerns regarding global financial stability, debt vulnerabilities, sustained high global inflation levels, and the rising urgency to address climate change.

He said, “In response to these challenges, the UAE remained focused on accelerating economic diversification efforts, demonstrating resilience and maintaining a strong economic outlook with non-oil growth expected to reach 4.2 per cent in 2023 and a further 4.6 per cent in 2024.”

Haji Al Khoori also tackled other topics that play a major role in building the future of finance in the UAE, including the UAE’s proactive financial regulatory environment, programmes to support FinTech, InsurTech, regulatory technology (RegTech) and Islamic FinTech startups.

This is in addition to the UAE’s diversification of finance options, which in turn reaffirms the creativity and responsiveness of the local finance sector and its role in cementing the UAE’s position as a leading global financial hub.

He added that the UAE and Switzerland share common goals in the field of sustainability, which present a potential and mutually beneficial alignment area between both countries in the context of sustainable finance.

“Both parties explored mutual sustainable finance priorities, identifying potential synergies in the context of financing climate action programmes leading up to and during the 28th session of the United Nations Climate Change Conference (COP28) by emphasising areas of potential collaboration,” he stated.

At the end of his speech, Al Khoori thanked all the participants for their efforts in making this dialogue a success and for presenting cutting-edge ideas that contribute to developing the financial sector and promoting the sustainable and comprehensive development process in both countries.

He also noted that the dialogue marks yet another milestone in the bilateral collaboration between Switzerland and the UAE and invited all participants to attend COP28, which will be hosted by the UAE at the Expo City Dubai from 30th November to 12th December 2023.

At the end of his speech, Al Khoori thanked all the participants for their efforts in making this dialogue a success and for presenting cutting-edge ideas that contribute to developing the financial sector and promoting the sustainable and comprehensive development process in both countries.

He also noted that the dialogue marks yet another milestone in the bilateral collaboration between Switzerland and the UAE, and extended an invitation to all participants to attend COP28, which will be hosted by the UAE at the Expo City Dubai from Nov.30 to Dec.12, 2023.

Younis Haji Al Khoori, Undersecretary of Ministry of Finance, headed the UAE delegation, which included Dr Hessa Abdullah Al Otaiba, UAE Ambassador to the Swiss Confederation; Dhaher Bin Dhaher Al Mheiri, Abu Dhabi Global Market (ADGM)’s Chief Executive Officer; Emmanuel Givanakis, Chief Executive Officer of the Financial Services at ADGM; Philippe Richard, Head of International Affairs-Executive Director at ADGM; Christian Kunz, Chief Strategy, Innovation & Ventures Officer at the Dubai International Financial Centre (DIFC); Ahmad Khalid Bin Sulaiman, Director of Federal Debt Management Office at MoF; Thuraiya AlHashmi, Director of the International Tax Department at MoF; Khalifa Al Fahim, Financial Policy and Stability Sector at the Central Bank of the UAE; Mansoor Almansoori, Head of the European Economic Affairs section at the Ministry of Foreign Affairs and International Cooperation; Asma Al Zarooni, Head of Exchange of Tax Information Section at MoF; and Mohamad El Khalil, Director, Prudential, Supervision, Dubai Financial Services Authority; along with senior officials from the UAE Banks Federation and the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing. The meeting was attended by senior high officials from both sides.